Hackers steal $80 million from Rari Capital’s lending pools
DeFi platform Rari Capital was hacked for more than $80 million in crypto assets held in multiple lending pools.
According to smart contract audit company BlockSec, an unknown hacker targeted Rari Capital’s Fuse platform — a protocol that enables DeFi developers to create lending markets of their own. The security firm said the exploit occurred through a reentrancy vulnerability in the protocol’s smart contract.
Among those losing funds was Fei Protocol, a development team that runs a decentralized US dollar-pegged stablecoin called Fei USD. The Fei Protocol team manages lending markets on Fuse, where users can deposit funds for an annual yield and also take out loans in FEI stablecoin.
In a Twitter post, Fei Protocol acknowledged the massive exploit and asked the hacker to return the funds in exchange for a $10 million bounty.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Vishal Chawla
